Technical Overview of EUR/USD, AUD/USD and USD/CAD Currency Pairs

EUR USD

EURUSD

The EUR traded a bit lower against the USD and closed at 1.1357.

The Retail Sales ex Autos released by the US Census Bureau is a monthly data that shows all goods sold by retailers based on a sampling of retail stores of different types and sizes except the automobile sector. The retail sales index is often taken as an indicator of consumer confidence. This report is the “advance”report, which can be revised fairly significantly after the final numbers are calculated. The positive economic growth anticipates bullish movements for the USD.

According to the Analysis, The pair is expected to find support at 1.13277, and a fall through could take it to the next support level of 1.12998. The pair is expected to find its first resistance at 1.13885, and a rise through could take it to the next resistance level of 1.14200. Previous Day range was 60.1 and Current Day Range is 8.7.

AUD USD

AUDUSD

The AUD traded lower against the USD and closed at 0.7226.

A bear flag breakdown seen in the AUD/USD’s chart is indicating that the sell-off from the Dec. 4 high of 0.7392 has resumed and the psychological level of $0.70 could be put to test soon.

The drop to 0.70 could happen before the end of the year if the Fed retains hawkish stance next week,squashing expectations of a 2019 rate hike pause.

The “retail sales control group”, published by US Census Bureau, represents the total industry sales that are used to prepare the estimates of PCE for most goods. The Actual & Deviation History chart tells you if an economic data surprised the market in the past compared to its expectation (consensus). A surprise generally generates a bigger impact (more movements) in the markets,including currencies.

The pair is expected to find support at 0.72101, and a fall through could take it to the next support level of 0.71939. The pair is expected to find its first resistance at 0.72444,and a rise through could take it to the next resistance level of 0.72621.

AUD/USD previous Day range was 34.2 and Current Day Range is 49.2.

USD CAD

USDCAD

The USD traded higher against CAD and closed at 1.3353.

Upcoming Event The Consumer Price Index Core will be released by the Bank of Canada. “Core” CPI excludes fruits, vegetables, gasoline, fuel oil,natural gas, mortgage interest, intercity transportation, and tobacco products.These volatile core 8 are considered as the key indicator for inflation in Canada. Generally speaking, a high reading anticipates a hawkish attitude by the BoC, and that is said to be positive (or bullish) for the CAD.

According to the analysis,USD/CAD pair is expected to find support at 1.33324, and a fall through could take it to the next support level of 1.33123. The pair is expected to find its first resistance at 1.33776, and a rise through could take it to the next resistance level of 1.34035.

USD/CAD previous day range was 45.5 and current day range is 26.9.